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3 Save & Exit Submit Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first
3 Save & Exit Submit Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations. Events Affecting Year 1: 1. Provided $130,000 of cleaning services on account. 2. Collected $97,500 cash from accounts receivable. 3. Paid salaries of $44,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,400. The expense was determined using the percent of revenue method. b. Post the general journal entries to T-accounts. Cash Beginning balance Service Revenue Beginning balance Ending balance Ending balance Accounts Receivable Salaries Expense Beginning balance Beginning balance Ending balance Ending balance 0 Allowance for Doubtful Accounts Uncollectible Accounts Expense Beginning balance Beginning balance
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